In 1974 Jim and Tammy Bakker launched their television show, the PTL Club, from a former furniture store in Charlotte, N.C. with half a dozen friends. By 1987 they stood at the center of a ministry empire that included their own satellite network, a 2300-acre theme park visited by six million people a year, and millions of adoring fans. The Bakkers led a life of conspicuous consumption perfectly aligned with the prosperity gospel they preached. They bought vacation homes, traveled first-class with an entourage and proclaimed that God wanted everyone to be healthy and wealthy....